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Female Founders Pitch at Mini-Seedcamp London
Every year we attend start-up events and start-up pitch competitions, from GeeknRolla to LeWeb, and yet we hardly ever see more than a couple of Women pitch. It was a very pleasant surprise to see 5 out of the 20 start-up pitches be led by women Founders at this year’s Mini Seedcamp in London, which took place on Tuesday the 27th of July.
Not only were there 5 women-led pitching startups among the finalists, but one of them was only 21. Jessica Ratcliffe impressed the audience of over 70 web experts, investors and successful entrepreneurs while pitching her business GaBoom, an online swap platform for gamers already live in beta and getting traction, alongside her business partner James King.
The Women-Led finalists were:
- EDITD - The Bloomberg for apparel retailers and brands that forecasts fashion trends – Founded by Julia Fowler and Geoff Watts – One of the 5 Seedcamp Winners
- GABOOM - An online marketplace to swap and sell video games – Founded by Jessica Ratcliffe and James King
- MATCHIK - The first Crowd Sourcing Platform for Home Design – Founded by Joana Picq, COO of The NextWomen
- SCRAMBLR - A SaaS application that enables creative teams to have their own online studio – Founded by Jane Young and Andrew Webb
- SWEEBLE - A web-based self-publishing tool designed to help schools and groups raise funds – Founded by Sue Greenwood and Greg Finney
All other finalists also had very impressive teams and compelling concepts; there was an interesting range of startups, from very early stage/pre-launch to more established and even profitable companies looking for advice and investment. Returning mentors thought this year’s finalists were especially good teams, and all teams were impressed with the quality of the advice given by the mentors at hand – Reshma Sohoni, Philipp Moehring & the Seedcamp team attracted a very interesting crowd to this event, which made it a success.
On top of the quality advice given by mentors, startups also had the opportunity to hear an interesting panel discussion with former VCs turned entrepreneurs about the challenges of fundraising, led by Saul Klein (Chairman of Seedcamp).
Here are some of the insights given by each panelist:
- Avid Larizadeh – now founder of Boticca
“Angels are often the best alternative to early stage startups as they can be more active and give valuable advice. It’s very important to choose the right investor, and not just any investor.”
- Greg Marsh – now Founder of OneFineStay
“I would start looking for early stage funding with friends and family, and look for the good VCs with seed funds.”
And when asked by the audience on what is ‘a little investment’:
“It depends where you are. You can find many people in the streets of Palo Alto who will think $1M is a ‘little bit of money’ – unfortunately they’re very hard to find in Europe. In the UK a “little seed investment” will often be of around £250K. “
- Max Niederhofer – now Founder of Qwerly
“Fundraising is like dating – don’t tell investors you are looking for money, try and pretend you don’t need it.”
“Don’t create unnecessary overhead in your company so early in time – avoid VCs even with seed funds.”
Mini Seedcamp London 2010 has proven to be a very worthwhile event, especially for startups, as it brought some of the most experienced and creative web experts together to provide constructive feedback and advice to early stage businesses trying to break through. We’ll be sending announcements when the next Seedcamp event opens for applications.
Balderton Capital on its Investment Strategy and its Investment in My-Wardrobe
Online fashion is a hot topic at this moment. Natalie Massanet sold part of upmarket online fashion platform Net-a-Porter, Sylvia Cody of private sales club SecretSales got investment from Brands4Friends and Sarah Curran of My-Wardrobe, which sells affordable luxury clothes and accessories, secured a $9 million Series A lead by Balderton Capital.
Harry Briggs, Balderton Capital at The Big Kitchen Dinner
Time for a series of interviews in the fashion industry, the first one with Harry Briggs and Dharmash Mistry from Balderton Capital, one of Europe’s leading venture capital firms, on their investment in My-Wardrobe, and on what they are looking for in a company to invest in it.
“I’d estimate that only 5% of the business plans we receive are from female entrepreneurs. We’re eager to see more…”
Your recent investment in My-Wardrobe, what are the top 5 reasons why you invested in this company at this moment?
My-Wardrobe [founded in 2006, ed.] has a great team [The company has 85 employees based across the central London and Nottingham offices, ed], led by female entrepreneur Sarah Curran. They have excellent relationships with top fashion brands like Mulberry, By Malene Berger and Vivienne Westwood Anglomania – and these are hard to build in online fashion. They have a rapidly growing, loyal customer base. And they’re a leading brand in a market, online fashion, that’s rapidly moving online: so it’s a huge opportunity; we have taken a significant stake in My-Wardrobe and Dharmash Mistry [the former managing director of Emap Consumer Media, ed.] will join the Board.
Were you ‘inspired’ by the success story of Net-a-Porter? How?
Of course: Net-a-Porter have demonstrated that large numbers of people will buy fashion from the top fashion houses online, at full price, and with average orders over €600. I don’t think many people thought that was possible until Natalie Massenet led the way.
What will be the biggest hurdle to make this investment and/or company a success?
In fashion, you depend on having superb buyers picking the right clothes to buy for the next season. Buy too little, and you disappoint your customers; buy too much, and you’re left with unsold stock and a cashflow problem. Mywardrobe has one of the best buying teams in the business, but it’s always a delicate balance.
You invest in many different industries; how do you get your required knowledge for various industries? Read more
Lingerie & Lovestuff Female Entrepreneur on Raising Money, the Party Plan Business Model and Mentors
A group of 13 female investors, who have formed a group through Addidi Business Angels, have just invested in female entrepreneur Emily Bendell of Blue Bella, the upscale lingerie& Lovestuff ‘party plan’ shop. The female investors club launched in September 2008, did its first investment in Marketplace Mesh and is now actively looking to more investors (up to 100!) and investment opportunities.
Time for The NextWomen to talk to Emily Bendell of Blue Bella.
An online lingerie and a lovestuff shop. How did you come up with the idea of this start-up?
The idea for BlueBella hatched after a stint working for Ann Summers one university holiday.
At the time Sex in the City was rife and I thought there was a gap in the market for an upmarket but affordable sensual products brand that targeted the new Sex & the City generation of women.
How did you form your team?
I started very small – with just me! Once I was sufficiently convinced of the concept I began looking around for the best direct sales expertise to help me grow the business.
I found my management team by networking really and enthusiastically presenting my concept to them.
How did you fund it, with how much money, and what is the business model?
Initially the business was funded by myself, and I am eternally grateful to my supportive father who also invested.
The business model is party plan. This is a direct sales method of selling in which a self employed Party Plan Consultant goes to the home of a Hostess to present the products to the Hostess and her friends and create a relaxed and fun atmosphere. Read more
Simply Zesty, with Female Entrepreneur & Co-Founder Lauren Fisher, Raises 500K Euro
The BitZesty Founders
A good day @simplyzesty – we’ve raised a €500,000 investment from a major UK research agency
,
says female entrepreneur and founder Lauren Fisher of the Dublin-based social media agency Simply Zesty. The Oxford Research Agency, will get a minority stake in the company. The investment will enable both parties to develop ground-breaking social media and research tools.
Simply Zesty was founded one year ago by female entrepreneur Lauren Fisher and co-founder Niall Harbison and offers a range of social media services, including design, building apps, online PR, blogger outreach and social media training. Simply Zesty is one of the only dedicated social media agencies based in Ireland, and was the first of its kind when it was set up in 2009. The agency has a range of clients both from Ireland and the UK and also put on conferences throughout the year, that explore various areas of online marketing and social media.
The deal values the agency at over €1m and the investment sparks a new phase for Simply Zesty, who already boast an impressive client list including Vodafone, Universal Pictures, Nokia and The Body Shop.
The founders introduce the deal on their blog by stating:
You have probably noticed that the blog has been a bit quieter than usual in the last couple of weeks and today we can reveal the reason why and that is because we have been off forming a great new partnership with The Oxford Research Agency in the UK that will help to take our little company to the next level.
Lauren Fisher says : “Given that we have just reached the one year mark, we think it’s exciting to come out and say that we are taking this investment and hope it tells a positive story to other business owners out there, as well as those that work in social media. We see a natural fit between social media marketing and research, and think that both areas can take key learnings from each other that will progress the two disciplines.” Read more
Female Serial Entrepreneur Interview: The Lessons Learned and More
Janneke Niessen, Serial Entrepreneur
Female entrepreneurs Janneke Niessen and Joelle Frijters are in the middle of their funding round with the aim of achieving their high growth projections for their business. More than a year ago they started their company Improve Digital an auction platform for unsold advertising space on large websites.
In the meantime they have impressive publishers on board, such as RTL and Le Monde. They have offices in The UK, France, Germany and Benelux and are rolling out in even more markets. For them it’s critical to reach specific scale in each market to realize best results for its publishers. As the margins in this sector are low, fast scalability is key for being a healthy profit making company.
We spoke with the founder Janneke Niessen about the lessons learned, role models, business partners and the funding route for Improve Digital. And some valuable tips for female entrepreneurs.
This is your second company, after DQ&A, are you becoming a serial entrepreneur?
“Yes”, she laughs. “When I sold my stake in my first company DQ&A, I considered many offers from larger companies, but eventually I decided to start another company. Of course, I could have taken a long break with the amount earned from my sold shares, but I am a workaholic, and having your own company is very rewarding and fun.
I like to build a company from scratch, to grow a company, to put my ideas in it; these are all positive things. Negatives are the huge responsibility that I feel to succeeding, to have employees and the fact that as entrepreneur your “on” 24/7.
So be warned: no way that you can plan your day as entrepreneur, let alone plan a balanced day…
What do you know now, the second time that you set up a company, that you did not know the first time?
When hiring persons for “key positions” in the team, I learned to be very careful. Members of the leadership team should have all different DNA’s and complement each other, but having the same core values is critical.
And of course there is the founder-manager issue. I think that if we were to extend our management team, we will focus on a fit with the culture of our company and the manner that she or he will be able to work with the founders.
Another thing that I know now is that as a startup with a small home market, one should not wait too long with going the international route, in fact, you can do that pretty soon after you have started.
How did you find each other as business partners?
Joelle Frijters, CEO
Joelle was working at Microsoft, my biggest client in my first company. I initiated a dinner to talk with her about my plans to start Improve Digital. We came to an agreement that evening actually. We just thought: let’s do it, it feels good.
I had been talking with many people in the industry in order to get the right idea for my second startup. For some time I really had no clue what I should do next, it felt very ackward, and slowly, by talking to industry experts and professionals, the idea of Improve Digital came during the talks with Joelle.
I know that I did not want to go the startup route on my own, so I started conversations with many people to find the right business partner.
And the Business Model of Improve Digital? Any Seed capital? Read more
10 Female Startups and Pitchpreneurs are Approaching the Goldmine
At the upcoming Funding & Pitching event of The NextWomen (you can still book tickets), Founder & CEO Virginia Raemy of Talentpuzzle will explain to budding entrepreneurs how to dig for gold in her keynote: How I got funding?” How to dig for Gold – Seed Capital, Angel Investors & The Aspire Fund.
Thereafter investors Andrew Nutter of Balderton Capital will explain how to approach and talk to investors in his keynote: How to approach the Gold Mine: High Growth & Venture Capital.
Pitchpreneurs are going for Gold (Flickr @Calvin)
These keynotes will be happily received by 10 female entrepreneurs – or Monday night called pitchpreneurs- who will pitch their startups during the evening to the panel of experts and investors, including Inma Martinez from Stradbroke Advisers and Reshma Sohoni of Seedcamp. The following startups will pitch:
The RagTrader: Online platform to connect Fashion Designers and Labels
Improve Digital: The largest Ad Network Optimiser in Europe
Anzaja: International Trade platform for female entrepreneurs
Etherbooks: Technology delivering the perfect “snackable” content to be read on mobile phones
AngelFilms: Production company and online distribution channel that nurtures new talent whilst retaining rights to all works produced
Myehive: Dynamic online marketplace that lets you sell your handmade, homemade, reclaimed, recycled and customised creations Read more
Investment Deal between The Aspire Fund and Female Entrepreneur and Co-Founder of Liquid Accounts
Received Funding from The Aspire Fund
Funding news from The Aspire Fund, the Government’s flagship fund for women-led businesses, which closed a recent investment deal. In an guest article on the website of the British Business angels Association, Melanie Perkins of the Aspire Fund reported that it has invested an amount of £300,00 in ’a leading developer and provider of online accounting packages, Liquid Accounts Ltd’. She wrote:
Using new internet-based technology to resolve problems of high costs and low portability of accounting services, Liquid Accounts has found a solution that suits the needs of small businesses and larger more established companies alike, with clients ranging from Ebay shops to multi-nationals.
“Liquid Accounts, founded by entrepreneur Lisa Kendrick and her partners Jon Wright and Matthew Holmes, brought together a successful syndicate of experienced business angels who raised over half of the total £770,000 investment that they needed to build on the pre-launch success of the company and position it as a market leader in the accounting software field. The Aspire Fund was delighted to invest the remaining £300,000.”
Yorkshire-based Liquid Accounts Ltd is a pioneer of Cloud Accounting in the UK and has raised the investment in order to further its position as a market-leader in the fast-growing field of online accounting software (also known as Cloud Computing, or Software as a Service – SaaS). The company raised the funding by selling an 18% stake to a syndicate of prominent local business angels, with a further 12% being match-funded by the The Aspire Fund.
Co-Founder a Woman: Criteria for The Aspire Fund
Lisa Kendrick, one of the co-founders started the company in early 2005, when she was asked by co-directors Matthew Holmes and Jon Wright to help them set up Liquid Accounts, offering online accounting software designed make business bookkeeping easier to do. Read more
EU MicroFinance Facility to Provide Small Loans to around 45,000 Budding Entrepreneurs
Voting at the EC
From June 2010, the EU is to provide 45,000 micro-loans to unemployed and small entrepreneurs. Under The European Microfinance Facility, entrepreneurs will also be able to benefit from mentoring, training and coaching as well as assistance in preparing a business plan, in close cooperation with the existing European Social Fund.
The facility is for those who want loans to start or grow very small firms (10 people or less and a turnover of less than €2 million), but are unable to obtain them on conventional credit markets.
In March 2010 EU Employment and Social Affairs Ministers adopted this new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business .
The European Microfinance Facility will have a starting budget of €100 million which could leverage more than €500 million in cooperation with international financial institutions such as the European Investment Bank (EIB) Group. The initiative is part of the EU’s response to the crisis and is especially targeted at people who cannot normally obtain credit because of the economic crisis and the current lack of credit supply .
Speaking at the Ministerial meeting, László Andor, EU Commissioner for Employment and Social Affairs and Inclusion said:
“The Microfinance Facility offers an alternative to those suffering from the effects of the crisis and will help create new jobs”. Read more
Three Female Entrepreneurs sell their Business: Let them be Angels
Net-a-Porter: Value 350 million Pounds!
When I started to write this article 10 days ago, I wanted to report on two UK icons who had sold their businesses recently. In the meantime, a third one joined the ranks of exit-entrepreneurs. I will portrait one of the women in a lengthy piece later, as she is the ultimate Female Internet Hero.
I hope these exit entrepreneurs will stay the inspirational leaders that they have always been, but that they will become -with their newly earned millions-, female business angels and will be investing in a lot of new ventures, thereby supporting women-led companies as well.
Here they are:
Nicole Farhi: The fashion chain French Connection is selling off its label Nicole Farhi to American private equity group OpenGate Capital in a deal worth £5m. Whether it was a forced sale, is not clear, however, as the company last year lost £5.6m on sales of £21.7m, as reported by Real Business . Nicole Farhi stays on as creative director at the brand under its new owners.
Cath Kidston, has confirmed it has been bought by private equity vehicle TA Associates and has laid out plans for international expansion, according to Drapers Magazine. Earlier The Guardian revealed that she was in talks to sell her retail empire to the American buyout firm TA Associates in a deal that would slap a £100m price tag on the retail empire.
and the third:
Natalie Massenet sold her shares in Net-a-Porter to Richemont, owners of Cartier and Montblanc, for £50m, which means that the value of the company was set at £350 million.
Our Next Funding & Pitching Event including Pitching Sessions for Women-Led Start-ups
The NextWomen Funding & Pitching & Networking Evening - 26 April, 2010
The NextWomen, in partnership with Astia, invite you to an event in which you can meet, interact and learn from experienced men and women that know all about funding for both start-ups and growing businesses. Spend an evening in the intimate setting of the Loyens & Loeff Law Firm offices gaining insight into how to raise the financial capital you need, whilst networking with fellow entrepreneurs over prosecco, wine and sushi.
Practice your Pitch, and Win a Seat in the Astia Doing it Right Programme in London
The NextWomen offer the exclusive opportunity to 6 women to try out their funding pitches before a Panel of Experts and Investors. It is a unique chance to profit from these experts’ insights, and to receive feedback and suggestions on your funding pitch before you throw yourselves in front of the lions. The winning pitch will have a seat guaranteed at the Astia Doing it Right Program in London on May 4-7.
Date: April 26 2010, from 6.00 to 9.30pm
Location: Loyens & Loeff in the City (near Bank)
More details and Agenda, Click here
Inma Martinez - Stradbroke Advisers
Andrew Nutter – Balderton Capital
Tracy Scribner – MMC Ventures
Maria Dramalioti-Taylor - Business Angel
Simone Brummelhuis - Astia Board & CEO of the NextWomen
Attendee Early Bird (Before April 15th) - £39.00
Attendee Late Ticket (After April 15th) - £49.00
Pitching Workshop & Competition – £75,00 (requires that you purchase an attendee ticket prior to submitting your executive summary, the remaining amount will only be charged if you are selected)
To book your ticket, click here.
If you want to pitch your business, you must purchase a normal ticket and send us an executive summary or high-level pitch for your start-up. The 6 best start-up applications will be invited to join the afternoon workshop, from 3 to 5pm, and pitch to our panel of investors in the evening. The £35 difference for the pitching tickets will only be charged if you are selected, directly by The NextWomen.
About Astia and the Winning Prize:
Doing it Right in London: Programme Overview
In Europe, select entrepreneurs can experience Astia’s hallmark Doing it Rightprogramme that has resulted in a greater than 60% funding success rate for prior participants.
Doing it Right London is a programme where exceptional entrepreneurs enhance their company’s ability to attract funding and cultivate invaluable relationships.
Through candid discussions led by local investors and seasoned entrepreneurs,Doing it Right increases participants’ understanding of the current state of venture capital and angel investment.
Entrepreneurs gain important skills and insight when Doing it Right – from developing an effective fundraising strategy, negotiating term sheets, navigating the due diligence process, to leading a successful company. Doing it Right is current, fresh and relevant.
Select entrepreneurs receive:
- Introductions to leading VCs and angel investors through investor-led panels and workshops
- Presentation skills coaching by a leading expert
- Increased business acumen and executive leadership skills
- Expert advice from VCs, angels and successful entrepreneurs
BOOK NOW!
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